Originally Posted by Gunfighter

Good article explaining syndications
Short excerpt, but the full article is worth a read...

What is a syndication? In simple words, it is a deal between a sponsor and the passive investors. A sponsor on the deal is the person with relevant experience in the field who finds a suitable project for the investor and finalizes the deal. The investor can be an individual or a group. If you are the investor, your only job is to analyze the project and conclude whether to invest or not.

As OOfff said, a self directed IRA is better suited to passive investments. Investing in a single family house with a checkbook IRA is flirting with an IRS disaster.